Profits, Platforms, & Power Plays: This Week’s Coverage Across Bitcoin, Biotech, Fintech, & REITs

Taking a Look at STAG Industrial (STAG), TransMedics Group (TMDX), SoFi Technologies (SOFI), & Strategy (MSTR) Earnings Results.

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This week, we covered quarterly results from four companies across our coverage:

TransMedics Group (TMDX): Blockbuster Growth & Raised Outlook

TransMedics delivered a standout Q2 2025, with revenue of $157.4 million (up 38% yoy) and net income of $34.9 million — a +186% surge from a year ago. The strong results were driven by expanding adoption of its Organ Care System technology, as the company set new highs in transplant procedure volumes. Management responded by raising full-year 2025 revenue guidance to $585–$605 million (from a prior $565–$585 million), citing a “new high watermark” in clinical cases fueling growth. Our updated IVT model nudges TMDX’s fair value upward; even after a post-earnings pop, we see the stock as undervalued given TransMedics’ market leadership in organ transplant innovation and its accelerating profit trajectory.

MicroStrategy (MSTR): Bitcoin Windfall Drives Record Profit

MicroStrategy (d/b/a “Strategy”) posted eye-popping Q2 2025 earnings thanks to a surge in Bitcoin’s price. Revenue grew modestly (3% YoY to $114.5 million) in its software business, but GAAP net income skyrocketed to $10.0 billion (from a loss last year) as operating income hit $14.0 billion — driven almost entirely by a $14.0 billion unrealized gain on the company’s 628,000+ bitcoin holdings. This was the second quarter under new fair-value accounting for digital assets, highlighting MSTR’s extreme sensitivity to crypto market moves. Management dramatically raised FY25 guidance (projecting $24 billion net income and $80 EPS, assuming Bitcoin $150k by year-end) and continued aggressive capital raising — collecting over $10 billion via stock sales and a landmark Bitcoin-backed preferred offering. We’ve updated our valuation model to reflect higher BTC assumptions, boosting our fair value estimate. While MSTR shares have rallied, we still see long-term upside as a high-leverage Bitcoin proxy, though with significant volatility and risk.

SoFi Technologies (SOFI): Accelerating Growth Yields Profitability

SoFi reported record Q2 2025 results, accelerating its growth while achieving strong profitability. GAAP net revenue jumped 43% year-over-year to $854.9 million, and net income reached $97.3 million (versus just $17 million a year ago) – marking SoFi’s largest quarterly profit to date. The company added approximately 850,000 new members in Q2, bringing total members to 11.7 million (up 34% YoY), and total products to 17.1 million (also +34% YoY. This robust user growth, along with a 72% surge in fee-based revenues from services like SoFi’s loan referral and brokerage offerings, drove an 81% increase in adjusted EBITDA (to $249 million). Citing broad-based momentum across its lending and financial services segments, management raised full-year 2025 guidance (now targeting ~30% revenue growth and higher EPS). Our IVT model has been updated for SoFi’s improved outlook – we’ve slightly raised our fair value estimate. We remain optimistic about SoFi’s long-term trajectory as the company continues to scale its fintech ecosystem and deepen its profitability.

STAG Industrial (STAG): Steady Performance & Credit Upgrade

Industrial REIT STAG Industrial delivered a solid Q2 2025 marked by stable growth. Core FFO (funds from operations) came in at $0.63 per share, a 3.3% increase from a year ago, and Cash NOI rose about 9%. Occupancy remained high at 96.3%, and leasing activity was strong — STAG achieved rent spreads of +24.6% on a cash basis for new and renewed leases during the quarter, supporting continued NOI growth. While net income (GAAP) was slightly lower year-over-year due to non-cash charges, the company’s operational health is evident in its high tenant retention and consistent cash flow expansion. Notably, Moody’s upgraded STAG’s credit rating to Baa2 (from Baa3) during the quarter, reflecting a strong balance sheet and prudent debt management. We’ve kept our base-case fair value roughly unchanged in our model — STAG’s 4% dividend yield and steady mid-single-digit growth make it a reliable income holding, and we continue to view the stock as a core long-term position in the industrial real estate space.

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